UAE-based global conglomerate, Transworld Group, and Japans Suzue Corporation have formed a joint venture (JV) to explore the growing logistics business opportunities within the Gulf, Indian Sub-continent, and Japan.
The strategic agreement between the companies was signed in Dubai by Ramesh S Ramakrishnan, chairman of Transworld Group, and Takahiro Suzue, president and representative director of Suzue Corporation, Japan.
Under the agreement, Transworld Group and Suzue Corporation will incorporate a JV at Jebel Ali Free Zone in Dubai to focus on the Gulf region, Indian sub-continent, and Japan. The company will provide comprehensive services to their global customers in supply chain management, international freight forwarding, customs clearance, warehousing and distribution, land transport, and other related logistics services. It will also have a focus on land bank development for commercial purposes in Middle East, Indian Sub-continent, and Japan, the company statement said.
Ramakrishnan said: Our agreement with Suzue Corporation assumes strategic importance due to the enhanced trade ties between UAE, India, and Japan. The UAE, for instance, has established a joint working committee to coordinate policies in a wide range of areas from defence, nuclear energy, oil, security, health and trade with Japan.
This joint venture between Transworld and Suzue Corporation will provide comprehensive logistics services to enhance the trade involving UAE, Japan and India.
The geographical region covered by the agreement will initially include GCC countries, Indian Sub-continent, and Japan, with the possibility of extending it to other South East Asian nations.
Takahiro Suzue, president and representative director of Suzue Corporation, Japan, said: Our alliance with Transworld Group will bolster our presence in the dynamic and growing markets of Indian sub-continent and Gulf region and we will synergise our experience and expertise to extend the services in this region and beyond.
Our company is a key player in the Japanese shipping and logistics business. With the possibility of the trade growing manifold between Japan, UAE, and India; and together with Transworld Group will play a key role in that trade development, specifically in the shipping and logistics space.
Under the joint venture agreement, Suzue Corporation will handle the business development and logistics services in Japan; and Transworld Groups logistics arm, Transworld Logistics FZE, will handle operations in the UAE and the Gulf region, said a statement. The businesses in the Indian Sub-continent will be managed by Transworld Groups Shreyas Shipping and Logistics Limited, it stated.